After closing without notice in early December, Akron, Ohio-based GDS Express has filed for bankruptcy. The company filed for Chapter 11 liquidation on Dec. 27, 2019, citing the shutdown of a revolving credit account.
Citing a brutal October and November, ACT Research warns that 2020 will be much tougher for both medium- and heavy-duty truck sales.
The American Trucking Associations’ numbers tracking tonnage hauled by for-hire trucking companies fell again in November, leading ATA Chief Economist Bob Costello to say, “It’s tough to sugar-coat November’s reading.”
The new year will be a tough one for the trucking industry, according to Steve Tam, vice president of research for ACT Research.
ACT Research said North American used truck sales volumes fell 35% in November.
Although a recession is unlikely next year, ACT Research said uncertainty regarding the economy in the latter half of 2019 will detrimentally affect medium- and heavy-duty truck markets next year.
Due to weakened orders for heavy duty trucks in North America, Volvo has announced it will lay off 700 workers beginning in January of next year.
FTR and ACT Research report that preliminary trailer orders fell significantly in November as fleets become more cautious about freight conditions in 2020.
The industrial slowdown has hit less-than-truckload giant YRC Worldwide, which reported tonnage is down significantly compared to a year ago, as it announced changes to its CFO and board of directors.
While it’s been a challenging year for the trucking industry in some ways, comparisons to the runaway market of 2017-2018 may make it seem worse than it is. In their monthly State of Freight webinar Dec. 12, the transportation intelligence analysts at FTR discussed the top trends affecting freight volumes and rates.